Taking your pension
When you retire you'll receive a pension, payable for your lifetime that is revalued annually in line with the Consumer Price Index (CPI). Please see our pension increase guide for more information on how your pension is revalued.
You'll also be given the option to exchange some of your pension for extra tax free cash within HMRC limits. For information on these limits please see our 'Tax allowances' page or download our tax on pensions factsheet.
The LGPS offers flexibility in when you can retire which ranges from age 55 to 75.
From April 2014, your normal pension age (NPA) in the LGPS is the later of your state pension age (SPA) or age 65. Please note that your SPA today will not necessarily be your SPA in the future, as the Government review the state pension age once every parliament and so this is assessed at the point your benefits are paid.
Under current legislation, SPA is planned to increase to:
- Age 66 if you were born between April 1954 and April 1961
- Age 67 if you were born between April 1961 and April 1978
- Age 68 if you were born after April 1978
You'll find more information in our When can i take my pension? factsheet.
It is important to appreciate that all pensions built up before 1 April 2014 are protected. For information on how your pension is calculated for membership before 1 April 2014, please see our Scheme guide.
You'll also find useful information on how your CARE pension works in our factsheet How is my pension worked out?.For more information about approaching retirement please see our factsheet and guide. For more information about final pay and protection read our Final pay protections factsheet.
Plan for retirement with our Budget Planner tool
Our Budget Planner tool lets you keep track of all your expected income and outgoings once you retire and shows you how much more you might need to be putting aside. Check out our Budget Planner tool today!